AbstractEconomics theorists for years have considered the possibility that the direction of technical change is altered by changes in relative prices. Prices also have been identified as one of the determinants of technical change through innovation. This article extends the theory of the firm to cover situations in which the firmÃâs' technology set is conditional on expected prices. The basic idea is to distinguish between Ãâ"market prices,"Ãâ or the prices that guide the firmÃâs choices subject to the technology that is in place, and Ãâ"normal prices,"Ãâ the prices conditioning the choice of technology. A Ãâ"generalizedÃâ" price effect is obtained that included the traditional price effect as well as the technical change effect of price changes, and an example is presented.
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Bibliographic InfoPaper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 881.
Date of creation: 01 Jan 1994
Date of revision:
Publication status: Published in Journal of Agricultural and Resource Economics 1994, vol. 19 no. 1, pp. 161-172
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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
Web page: http://www.econ.iastate.edu
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Other versions of this item:
- Lilyan E. Fulginiti, 2005. "Price-Conditional Technology," Microeconomics 0503003, EconWPA.
- Lilyan E. Fulginiti, 1993. "Price-Conditional Technology," Center for Agricultural and Rural Development (CARD) Publications 93-wp116, Center for Agricultural and Rural Development (CARD) at Iowa State University.
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- Lilyan E. Fulginiti & Richard K. Perrin, 1992.
"Prices and Productivity in Agriculture,"
Center for Agricultural and Rural Development (CARD) Publications
93-gatt2, Center for Agricultural and Rural Development (CARD) at Iowa State University.
- Fulginiti, Lilyan E. & Perrin, Richard K., 1992. "Prices and Productivity in Agriculture," Staff General Research Papers 543, Iowa State University, Department of Economics.
- Lilyan E. Fulginiti & Richard K. Perrin, 1992. "Prices and Productivity in Agriculture," Food and Agricultural Policy Research Institute (FAPRI) Publications 93-gatt2, Food and Agricultural Policy Research Institute (FAPRI) at Iowa State University.
- Fulginiti, Lilyan E. & Perrin, Richard K., 1993. "Prices and Productivity in Agriculture," Staff General Research Papers 773, Iowa State University, Department of Economics.
- Paris, Quirino & Caputo, Michael R., 1995. "The Rhetoric Of Duality," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 20(01), July.
- Roberto ESPOSTI & Pierpaolo PIERANI, 2006.
"Price-Induced Technical Progress in Italian Agriculture,"
275, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
- Roberto Esposti & Pierpaolo Pierani, 2008. "Price-induced technical progress in Italian agriculture," Review of Agricultural and Environmental Studies - Revue d'Etudes en Agriculture et Environnement, INRA Department of Economics, vol. 89(4), pages 5-28.
- Ludo Peeters & Yves Surry, 2000. "Incorporating Price-Induced Innovation in a Symmetric Generalised McFadden Cost Function with Several Outputs," Journal of Productivity Analysis, Springer, vol. 14(1), pages 53-70, July.
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